Experts see increase in prenups among millennials

On behalf of McCoy Fatula, APC posted in divorce on Thursday, January 11, 2018.

Millennials in California and across the country are a very diverse group of people when it comes to politics, religion and other social demographics. Their preferences and choices extend into relationships as they make decisions about whether or not to marry, how old they should be when they marry or when to get a divorce. There has also been an increased interest in prenuptial agreements among millennials, according to a survey among matrimonial lawyers.

While many of the attorneys have witnessed greater interest in prenups among all ages, many believe the trend is more prevalent with their younger clients. One reason to support this belief is that millennials tend to be older when they get married. They are coming into a relationship after working for several years and are already somewhat established with their finances. They hope to protect what they have earned as an individual before becoming part of a couple.

In addition, many people of this generation have seen their parents get divorced. They have experienced the conflicts over property and other assets and know what it can do to those involved. Another consideration that is often addressed involves debt. Someone may include a provision in an agreement that would prevent them from assuming a spouse's student loan or other obligations should the couple get a divorce.

Many individuals want to protect a family business or other future inheritances. Others may have ideas for a startup business and prefer to keep that separate from the marriage. Prenuptial agreements are certainly not limited to financial decisions. They often include provisions regarding children or lifestyle choices and will be unique to each couple.

Relationship agreements can be useful documents for all California couples, regardless of their income level. An experienced divorce lawyer can help couples design prenuptial agreements prior to marriage that specifically address their situations. If a couple is already married, an attorney can assist in the development of a postnuptial agreement.

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